Fuel Tech Reports 2022 Third Quarter Financial Results

WARRENVILLE, Ill.--(BUSINESS WIRE)--Nov 8, 2022--

Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the third quarter (“Q3 2022”) and nine months ended September 30, 2022.

“We maintained our momentum through Q3 2022, which was the fourth consecutive quarter in which we have reported higher revenues compared to the comparable prior year period,” said Vincent J. Arnone, President and CEO. “We operated profitably for the quarter, maintained a strong financial position, and continued to develop our Dissolved Gas Infusion (“DGI”) technology business segment.

“Q3 2022 revenues increased 6.1%, led by higher revenues within our Air Pollution Control (APC) business segment. APC revenues through the first nine months of 2022 totaled $7.7 million, exceeding APC revenues for the full year 2021 of $6.9 million. We expect full year 2022 revenues for APC in the range of $11-12 million. Our FUEL CHEM business segment outperformed our expectations and, as a result, we now expect full year 2022 FUEL CHEM revenues in the range of $14-15 million, up from our prior forecast of $13-15 million. In late October, we released a White Paper that validates the best-in-class oxygen transfer efficiency of our Dissolved Gas Infusion (“DGI”) technology and created a dedicated DGI product page at www.dissolvedgasinfusion.com. We continue to execute on our development in support of the launch this technology, with an immediate focus on securing an executive to guide, grow and commercialize our DGI business.”